As an entrepreneur before launching any product or services first step you should take is to do a market research. By conducting market research, you can discover potential customers and their needs, which can be incorporated into your services. You can set achievable targets for business growth, sales, and latest product or services. You would be able to make well-informed market decisions about your product, services and also develop more effective strategies. Remember “Plans are nothing, planning is everything.” It would only possible when we do market research. But for conducting market research we need right tools. So here are 5 most powerful and useful market research tools, you can apply to achieve your targets.
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Survey Monkey is an online development cloud-based software and service company.it is one of the most popular and powerful tools for creating exhaustive surveys.
It provides free, customizable surveys, as well as a suite of paid back-end programs that include data analysis, sample selection, bias elimination, and data representation tools. You have to ask right questions in your survey and you would be able to determine the potential of the market and the preferences of your future customers. Basic features for these services are totally free. The users are able to upgrade if they want to use the most powerful features, giving more in-depth information.
It is an online and feedback software company. Questback’s online research platform offers a suite of data collection and analytics for monitoring/anticipating consumer trends and attitudes, tracking consumer product adoption and usage, and changing content and attribution for search and social. Furthermore it also helps to identify new trends and unaddressed consumer demand, gather data from social media and online panels, or loyalty programs. It is a premium service that bridges the gap between your company and your target market. It can undertake in-depth research on your behalf and provide invaluable feedback quickly and efficiently.
Google Analytics is a freemium web analytics service from Google. Its cohort analysis feature helps understand the behaviour of component groups of users apart from your user population. It is very beneficial to marketers and analysts for successful implementation of Marketing Strategy. It is most wide market research tool that provides feedback about how your customer are behaving on your website. Analytics will tell you which products got many view, but few buy or few view and many buy.
It can illustrate what social media channels your customers are responding to, amongst many other insights.
Owler is the community-based business insights platform that business professionals use to outsmart their competition, gain competitive insights, and uncover the latest industry news and alerts. It is a great tool if you want to know what competitor are doing.
It is an online agile market research solution that enables people to get quick consumer insights to address business questions. We could say it is very useful tool that help researchers to get quick customer needs in short period of time. Market researcher will find it very helpful when they will use it.